The future of the British Grand Prix at Silverstone is in doubt after the venue's owners confirmed they have activated a break clause to terminate their contract with Formula One in 2019.

The British Racing Drivers' Club (BRDC) in 2009 agreed a 17-year deal with F1 to continue hosting the race at Silverstone, which has staged every British GP since 1987.

However, a built-in fee escalator has seen the cost of holding the event steadily rise, prompting BRDC to seek new terms with F1's new owners Liberty, which completed a takeover of the competition in January. 

"We have reached tipping point," BRDC chairman John Grant said in a statement.

"We can no longer let our passion for the sport rule our heads. We sustained losses of £2.8m in 2015 and £4.8m in 2016, and we expect to lose a similar amount this year.

"Our hope is that an agreement can still be reached, so that we can ensure a sustainable and financially viable future for the British Grand Prix at Silverstone for many years to come."

Brands Hatch, Donnington and a London street circuit are possible alternatives to Silverstone.

The 2017 British GP takes place this weekend.